Markets surge as jobless claims drop

The markets surged in late afternoon trading to close sharply higher with the Dow leaping 138 points to 17,050 as jobless claims dropped. Nasdaq gained 19 points to 4,810.

On the upside

Rising crude oil prices lifted shares of Penn West Petroleum (NYSE: PWE).

Genie Energy (NYSE: GNE) confirmed the existence of significant quantities of oil and gas in exploratory wells in Northern Israel.

Mistras Group (NYSE: MG) reported sharply higher first quarter earnings that beat expectations by a wide margin.

On the downside

Black Diamond (Nasdaq: BDE) sold its equity interest in POC for $65 million.

Harmonic (Nasdaq: HLIT) cut its third quarter revenue guidance.

Investors locked in profits on Cowen Group (Nasdaq: COWN).

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 climbed 17 points to 2,013. Bitcoin edged up a fraction to $242.
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